Council Communication

Contract for Banking & Cash Management Services
Meeting Date:	June 21, 2005		Primary Staff Contact:	Barbara Christensen 488-5307 christeb@ashland.or.us
Department:	City Recorder		Secondary Staff Contact:
Contributing Departments:
Approval:	Gino Grimaldi

Statement: Bank of America was awarded the new contract for the City of Ashland for Banking & Cash Management Services. The contract is a three-year contract with two one-year extensions beginning July 1, 2005.
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Background: Request for Proposal for Banking & Cash Management Services went out on April 4, 2005. The City of Ashland received five proposals from US Bank, Umqua Bank, Wells Fargo Bank and Bank of America. A staff review committee met on several occasions to select the Bank for Banking Services. Each of the proposals was thorough and met the intent of the RFP. The proposals were similar in their approach and with the exception of the Bank of Cascades; all met the requirements that were discussed in the RFP. Based on cost of service, Bank of America was able to offer us a contract that will result in a savings to the city of approximately $20,000 over the three year initial contract period.
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Council Options: Approve or disapprove contract with Bank of America.
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Staff Recommendation: Authorize contract to begin July 1, 2005 for the period of three years with two one-year extensions.
Potential Motions: Motion to approve contract for Banking Services and Cash Management to Bank of America for the City of Ashland.
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Attachments: Click on the PDF File link below to view the following attachments:    • Bank of America Contract

Bank of America Contract.pdf (3839.3KB)

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